North America is projected to be the fastest-growing composite tooling market during the forecast period. Increasing use of composites in the aerospace and automotive industries in North America is propelling the composite tooling market. The composite tooling materials help in making stronger and lighter parts. The leading players in the composite tooling market are considering this region for the expansion of their businesses through various strategies such as new product launches and agreements & partnerships.
Download PDF Brochure of this Report @ http://www.marketsandmarkets.com/pdfdownload.asp?id=63004871
In 2015, the U.S. led the composite tooling market in North America, accounting for a share of 91.50% of the demand for composite tools in the region. This is due to rise in demand of precision tooling for the composites from the aerospace and automotive industries in the region. The rising demand for more complex, large, and light parts in the aerospace industry has increased the importance of composite tooling in this industry. Some of the leading players such as Janicki Industries (U.S.) and Hexcel Corporation (U.S.) have accelerated their R&D efforts to provide good quality composite tooling materials.
The use of carbon fibers is projected to grow due to its lightweight and higher strength. Carbon fibers provide the highest strength and stiffness of all the reinforcement fibers. High temperature performance is one of the major advantages of carbon fibers, making them suitable for aerospace and defense applications. The parts made from carbon fibers are much stronger than traditional materials such as steel, aluminum, and iron. Carbon fibers have various unique properties like electrical conductivity, high tensile strength, low weight, high temperature tolerance, and high chemical resistance.
Bismaleimide (BMI) is expected to be the fastest-growing resin type, between 2016 and 2021, due to its growing penetration in aerospace & defense and automotive applications. It is suitable for making composite molds at elevated temperatures. Furthermore, BMI resins enhance the design flexibility of composite tooling, elongate the tool life, and also offer improved dimensional stability. The growing aerospace industry in North America is bolstering the demand for BMI-based composite tooling market in the region. It is used in making engine inlets and aircraft surfaces
Aerospace & defense is projected to be the fastest-growing application in the composite tooling market during the projected period. Aerospace & defense application requires composite parts of greater dimensional stability and precision. Compared to metal tools, composite tools offer high coefficient of thermal expansion which makes them an ideal tooling solution manufacturing strong composite parts, which can be used in the aerospace industry. High coefficient of thermal expansion also assists in maintaining the structural part dimensional accuracy.
The key players in the composite tooling market have adopted growth strategies such as new product launches, agreements & partnerships, and expansions between 2011 and 2016. The key companies operating in this market are Royal TenCate N.V. (Netherlands), Hexcel Corporation (U.S.), Gurit Holding AG. (Switzerland), Solvay S.A. Group (Belgium), and others.
